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      "text": "Disney’s Claim That It Has “Turned the Corner and Entered a New Era” Rings Hollow to Us",
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      "text": "Streaming business is still losing money on over $22 billion of run-rate revenue; No guidance on a timeframe to earn a reasonable return on investment",
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      "text": "The studio business continues to produce box office disappointments and declining profitability, having lost over $200 million this past quarter",
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      "text": "When recently asked about Disney’s $1.5 billion investment in Epic Games, Disney’s CFO was unable to articulate a product roadmap, business plan or expected return",
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      "text": "ESPN’s new JV was announced before a definitive agreement was finalized and before discussions were held with key partners (NFL & NBA), potentially straining those relationships",
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      "text": "Disney’s share price is just barely higher that it was 1 year ago and lower than it was 2 years ago, 3 years ago, 4 years ago, and 5 years ago",
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      "text": "Source: SEC filings, FactSet, Company transcripts, press releases, CNBC. Note: (1) Compared to share price as of 02/23/24. (2) FQ1'24 Entertainment - Direct-to-Consumer Segment results annualized. (3) FQ1'24 transcript: “Disney+ core subscribers decreased sequentially by 1.3 million, in line with prior guidance, driven by the recent domestic price increases.” (4) FQ1'24 transcript: “At Content Sales, Licensing and Other results came in lower versus the prior year and below the guidance we provided due to the performance of theatrical titles in the quarter.” (5) New sports venture does not have a management team and “more details, including pricing, will be announced at a later date.” (6) See page 56 for additional detail.",
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